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PERSONAL CHAPTER 13 BANKRUPTCY - THE RIGHT CHOICE?
Florida Chapter 13 bankruptcy is different than Chapter 7 bankruptcy in that it does not eliminate debt. Instead, you are required to restructure your debt and create a repayment plan that is better designed to fit your ability to pay. The changes to the bankruptcy laws in 2005 were largely aimed to try and force more ordinary people into Chapter 13 repayment rather than getting the benefit of more thorough debt elimination through Chapter 7 bankruptcy.
Is A Chapter 7 Bankruptcy A Better Option For Me?
If you do not have enough income left after your expenses are paid to make payments, you might qualify to file for Florida chapter 7 bankruptcy.
In The Know: The Facts About Florida Chapter 13 Bankruptcy
- Florida chapter 13 bankruptcy allows you to retain your assets.
- You might be able to remove a second mortgage or home equity loan from your residence.
- Mortgage loan modifications are often easier in a Chapter 13 bankruptcy than while in foreclosure.
- You must meet certain income requirements to file Chapter 13 bankruptcy.
- Your credit will not be ruined forever
- You will have between 3 to 5 years to repay part of your debts before bankruptcy is discharged.
- There is no limit the number of times you can file Chapter 13 bankruptcy.
- Taxes, child support obligations, and student loans can be included in the repayment plan.
Confidential & Affordable Pinellas Bankruptcy Attorneys Fighting For You
Bankruptcy is one of the most difficult choices an individual must make. It can be an agonizing and complex decision to make on your own. At DeLoach & Hofstra, our lawyers will take the time to listen to your unique situation and help you assess your options. We'll guide you through the Pinellas chapter 13 filing process and assist you every step of the way including the "means test" and any financial counseling that may be required. If you are faced with the tough decision whether to file for a Florida chapter 13 bankruptcy or not, then you owe it to yourself to email or call us today at 727-835-5502.
